In an unusual intervention for a lettings industry supplier, Zoopla has made an impassioned plea for a new Renters Reform Bill.
The last attempt to pass such a Bill ran out of time when the government called the General Election but a statement from Zoopla this morning says: “While a General Election means the Rental Reform Bill failed to make it to the statute books, rental reform is still needed in the rental sector to improve the protections for existing renters.”
The portal says a further “big policy focus” of a new Government should be on boosting the stock of homes for rent – both private and social - through increased housing delivery supported by additional funding and reforms to the planning system.
Zoopla continues: “This is the best option to improve the choice for renters and improve the quality of homes for rent. It’s important political parties set out specific policies to support the private rented sector in manifestos.”
In terms of its forecast for the rest of 2024, Zoopla says the market is still on track for a slowdown in rental growth to 5%.
This is being driven by changes in demand and affordability, rather than any expansion in supply which the portal believes should be a key focus area for any incoming government.
In response to Zoopla’s comments Nathan Emerson, chief executive of Propertymark, says: “Our member agents have told us for years of the growing disparity in the number of private rented homes on the market in comparison to the rising demand from tenants.
“As legal and financial obligations increase for landlords, it’s no surprise that many are turning elsewhere to invest their money. A priority for the new UK Government should be to support and incentivise landlords to invest, not to deter or penalise them like we’ve continued to see in the past.
“We want to get rent levels back down to sensible and affordable levels for the nation, and without a boost in supply, this is unlikely to happen.”
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Rent levels are sensible compared to the cost of buying a house. Rent includes the cost of insurance, maintenance and the loss of interest on the equity.
Mortgage rates have risen hugely over the last 2 years and rents haven't risen anywhere near as much.
Increased supply would certainly mean tenants wouldn't be so likely to accept substandard housing.
The quickest way to increase supply is to abolish all the extra taxes landlords currently pay and return us to a situation where we can make a profit while charging a reasonable rent.
What the **** has it got to do with Zoopla? 🤬🤬🤬🤬🤬🤬
Presumably lack of supply is affecting their profits??
That’s what I thought Annoyed
I actually agree that we need to know as soon as possible the specific policies of Labour on the private rental sector in their manifesto.
Landlords need to know that they can operate within the proposed framework. They also need to know whether legislation will apply retrospectively, and whether there will be an eviction ban when Labour takes power.
As for tax relating to letting properties for example mortgage interest tax relief, capital gains tax, inheritance tax etc. I fear that landlords may be penalised further, not supported. It could also be the case that income tax goes up on the basis of the erroneous assumption that rents are unearned income.
When it comes to rent control, it seems possible that the right to impose rent controls could be devolved to the mayors.
Starmer will not be saying much on this until he is safely in number ten
You may be right there Andrew. They may leave us in the dark about the details until they take power.
The last thing we need is a new RRB! Future growth of the PRS can only happen with the retention of Sec 21, revision of the penal tax regime and a ‘sea change in attitude’. Too much damage has already been inflicted for anything else to work.
Agree 100%, AJR, but I am pretty sure that Labour will introduce a new RRB this year, assuming that they win.
They seem to be wanting to make changes which will only cost individuals like Landlords money and not changes which will lead to a rise in general taxation.
Ellie, Regrettably, I am sure you’re right. My predications are un upward move in CGT, a new Quango to regulate the PRS with an eye watering annual fee and rent control as a minimum.
Just looking at the housing section of the Liberal Democrat manifesto - no mention of another RRB or of ending Section 21. This is what they say:
Help people who cannot afford a deposit to own their own homes by introducing a new Rent to Own model for social housing where rent payments give tenants an increasing stake in the property, owning it outright after 30 years.
End rough sleeping within the next Parliament by:
Urgently publishing a cross-Whitehall plan to end all forms of homelessness.
Exempting groups of homeless people, and those at risk of homelessness, from the Shared Accommodation Rate.
Introducing a ‘somewhere safe to stay’ legal duty to ensure that everyone who is at risk of sleeping rough is provided with emergency accommodation and an assessment of their needs.
Ensuring sufficient financial resources for local authorities to deliver the Homelessness Reduction Act and provide accommodation for survivors of domestic abuse.
Give local authorities new powers to control second homes and short-term lets in their areas, as set out in chapter 15.
Protect the rights of social renters by:
Proactively enforcing clear standards for homes that are socially rented, including strict time limits for repairs.
Fully recognising tenant panels so that renters have a voice in landlord governance.
Ellie, Just as well a snowball has a better chance in hell than these idiots do of forming a government.
Perhaps they could enter into a pact with Labour, AL. Labour looks set for an overall majority at the moment, but things could change.
Actually their homelessness plan could possibly involve the abolition of Section 21, but perhaps there will be a realisation that by seeking to abolish that clause, there has been an increase in homelessness, not a reduction.
Ellie, My hope is that the Limp Dums will suffer the same fate as the faux-Tories and that REFORM will be the opposition. This bit in their manifesto should worry landlords:
Give local authorities new powers to control second homes and short-term lets in their areas, as set out in chapter 15.
Has Ed the talking horse appeared at the Post Office inquiry yet?
Al, they want a new planning class for short lets, and to allow local authorities to raise council tax to 500% for second homes, so quite an extreme policy there.
O K if protection for landlords is included in it, for example quick and easy eviction of non payers
I doubt we will get a coherent answer from Labour 🤔 they cannot even tell us what a woman is 🤷♂️
Very sad that they can't see the obvious. Better supply and lower rents would come with better trading conditions for landlords eg fairer taxation, less expensive licensing schemes etc
Anything like the RRB will just make things worse.
Always used and preferred Rightmove
Now i know why
What’s it got to do with Zoopla keep your nose out no more room in the troughs.
I am never accepting this idea that you can get your own house back if you want to sell, whose business is that. The owner has to decide what he wants to do with his own property otherwise there’s no ownership. Then they have you out permanently which is what they want , pay the c/gains, the legal costs the next buyer pays huge Stamp Duty of course they’ll agree to that, they take us for right fools.
Agree 100% Michael.
Stay in your lane Zoopla. No one asked you.
Zoopla will do well to remember that Landlords are the one's who pay the agents; who in turn fund their overpriced fee's.
I wonder what Zoopla’s reaction would be if landlords instructed their agents NOT to advertise on Zoopla because of this? 🤔
Annoyed: I will be doing just that!
Ellie, this seems to be modelled on shared ownership / part rent part buy the biggest fraud on vulnerable young buyers ever.
I think that is right, but confined to social housing where people would be staying put perhaps.
They also look as though they might raise capital gains tax, but not certain of that. This is what the Libdems say:
"Fairly reforming capital gains tax to close loopholes exploited by the super wealthy."
Zoopla's comment is out of line and very interfering. So many organisations or people who are not helping tenants or homeless with providing housing wish to put their dirty noses.
Labour will not be friends towards the landlords. There are a lot of repercussions and evilness coming for the landlords under labour, quite likely they will be the next government. Landlords need to fight back, if not through demonstrations, through keeping some of their properties within their portfolio empty, away from the tenants, increase the rents for some landlords. This may result in educating the government. There are still a lot of properties available for letting. Landlords are selling but they are often bought by landlords, so same in circulation. I sold 2, one to another landlord and another one to my tenant, a single working mother with a baby, so one property is still available for the tenants and another one out of circulation and one tenant out of needing a rented home, again.
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